Teva Pharmaceuticals to Cut 25% of Jobs in Huge Reshaping<br />Teva Pharmaceuticals, the world’s biggest maker of generic drugs, said on Thursday<br />that it would cut about a quarter of its work force, or 14,000 jobs, close manufacturing and research facilities and suspend its dividend as it seeks to simplify its structure and reduce its debt.<br />The company said it expected to take a restructuring charge of at least $700 million next year, mainly related to severance costs,<br />and could take additional charges tied to the closing of manufacturing plants, research facilities and other offices<br />“We will execute this plan in a timely and prudent manner, remaining focused on revenue<br />and cash flow generation, in order to make sure Teva is ready to meet all of its financial commitments,” Mr. Schultz said in a news release.<br />“Teva will optimize its cost base while ensuring that we protect our revenues<br />and preserve our core capabilities in generics and in select specialty assets, in order to secure long-term growth,” added Mr. Schultz.<br />The massive reshaping of Teva came just over two years after it agreed to buy the generic drug business<br />of Allergan for $40.5 billion amid a rush of consolidation in the pharmaceuticals industry.
